losing my own house please help!!!!

[mvalenti]

I am new to this site and need help. I sold my house right before the shit hit the fan in the mortgage industry. I put a contract on my new house that is being built and ready in 6 weeks. I am a mortgage broker, my wife is a school teacher. I have a 600 score and she has a 660 score. Last yr. I 1099 myself. I was w2 the last 6yrs until that point. I started to w2 myself about four months ago. here is the only thing I can think of:
take me off the loan

my wife 660 score
no ratio
80%LTV
504k loan amount
plenty of reserves.

I need help, the builder has 35k of my money from a down payment and I need to find a way into this house. Cant find a lender to touch it with a ten foot pole!

[florida man]

I dont understand why u cant do this.

Goto Indy Mac. They have a construction to perm program.

[mvalenti]

It is not a construction perm loan. The house will be done being built in 6 weeks and I just need a normal loan to purchase the house from the builder.

[florida man]

Let me get this straight

You cant get a 80% PURCHASE loan siva with a 660????

seems like a fairly safe loan to me. However, the W2 stated could be an issue.

Why not just go full doc ? Regardless of the change in income. Its all still the same industry.

[florida man]

by the way.

get a 417 conforming and a second instead of a jumbo .

[mvalenti]

Cant go stated because my wife is a school teacher need to show 9k a month for income. I have a 600 score and just started W2 myself 4 months ago and dont show enough incom yet. Also I have a w2 that shows 5k from last year because I 1099 myself all yr.

[florida man]

If I were you.

Get all of your income together . Whether it be w2 or 1099, argue same industry and try to make a go of it.

I dont know anyone who will do a no doc with a 660 at 80%, especially jumbo.

Let us know if you find someone.

[Greg]

You will keep running into lenders not wanting to do a stated LO. It will take a miracle to close it that way. So what you need is a No Ratio.

So I checked Flagstar because they are my new superhero aside from turn around times.

https://wholesale.flagstar.com/Lendi...ocumentPk=4476 and you need a login to view it this way but here is cut/paste:

No Income Verified Assets (NIVA)

3 All Amortization Types

PRIMARY RESIDENCE – PURCHASE AND RATE/TERM REFINANCE

•

1- to 2-unit

•

PUD

•

Warrantable Condo
95% $650,000 680
90% $500,000 660

No Income Verified Asset 90% with 660. So take yourself off.

[mvalenti]

will they do a 660 score to 80% ?

[mvalenti]

Still having a problem because they are going to want the job title to make sense with the income